{"schema_version":"1.0","name":"HRZN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"c7164643-bf8c-416c-98d0-b310f849ae92","symbol":"HRZN","name":"Horizon Technology Finance","exchange":"NASDAQ","country":"US","asset_type":"equity","currency":"USD","sector":"Financial Services","industry":"Asset Management"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Strength versus the research benchmark, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Range position and boundary pressure, Range pressure and compression."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":16,"completedEpisodes":15,"activeEpisodes":1,"medianExpectedMove":4.1,"averageExpectedMove":5.3,"averageWeeksToLargestMove":5.6,"horizons":[{"weeks":4,"sample":15,"expectedCount":4,"expectedPercent":26.7,"averageReturn":-5.3,"medianReturn":-4.4,"confidenceLow":10.9,"confidenceHigh":52.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":15,"expectedCount":3,"expectedPercent":20.0,"averageReturn":-8.3,"medianReturn":-7.5,"confidenceLow":7.0,"confidenceHigh":45.2,"confidence":"Historically adverse"},{"weeks":26,"sample":14,"expectedCount":7,"expectedPercent":50.0,"averageReturn":-3.4,"medianReturn":0.1,"confidenceLow":26.8,"confidenceHigh":73.2,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.9,"sample":16},{"week":2,"averageReturn":-3.1,"sample":16},{"week":3,"averageReturn":-2.1,"sample":16},{"week":4,"averageReturn":-5.3,"sample":15},{"week":5,"averageReturn":-5.4,"sample":15},{"week":6,"averageReturn":-5.6,"sample":15},{"week":7,"averageReturn":-5.8,"sample":15},{"week":8,"averageReturn":-5.7,"sample":15},{"week":9,"averageReturn":-7.2,"sample":15},{"week":10,"averageReturn":-7.1,"sample":15},{"week":11,"averageReturn":-8.2,"sample":15},{"week":12,"averageReturn":-8.3,"sample":15},{"week":13,"averageReturn":-7.9,"sample":15},{"week":14,"averageReturn":-7.9,"sample":15},{"week":15,"averageReturn":-6.9,"sample":15},{"week":16,"averageReturn":-7.8,"sample":15},{"week":17,"averageReturn":-7.0,"sample":15},{"week":18,"averageReturn":-6.0,"sample":15},{"week":19,"averageReturn":-5.3,"sample":15},{"week":20,"averageReturn":-3.4,"sample":15},{"week":21,"averageReturn":-3.1,"sample":15},{"week":22,"averageReturn":-3.9,"sample":15},{"week":23,"averageReturn":-4.5,"sample":15},{"week":24,"averageReturn":-3.3,"sample":15},{"week":25,"averageReturn":-3.3,"sample":15},{"week":26,"averageReturn":-3.4,"sample":14}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Underlying strength ahead of price","tone":"positive","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":20.0,"averageReturn":-8.3,"sample":15},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 20.0% of comparable cases moved higher after 12 weeks, with an average move of -8.3% across 15 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 3 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 5.3% across 15 completed cases, with the largest move arriving after 5.6 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"distribution_rollovers":[],"price_pressure_gaps":[]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"close":[7.3948,7.3814,7.3614,7.348,7.1927,7.2062,7.1523,7.0578,6.9488,6.867,6.4374,6.5533,6.3283,6.4111,6.4456,6.4663,6.4111,6.1858,6.2907,6.4375,6.3676,6.5287,6.6277,6.6418,6.7267,6.9743,7.025,7.0465,6.6351,6.5815,6.6815,6.819,6.153,5.9503,6.1561,6.4202,5.415,5.5544,5.4443,5.5635,5.638,5.6305,5.6082,5.5641,5.4204,5.6321,6.2596,6.1767,6.3453,5.8855,5.4947,5.4104,5.4337,5.3715,5.3792,5.3325,5.2706,4.8591,4.9145,4.6692,4.7187,4.8154,5.2268,5.3801,5.3236,5.3824,5.4809,5.4891,5.4317,5.3664,5.2913,5.525,5.5834,5.6419,5.6419,5.6843,5.6164,5.6588,5.5378,5.141,3.6229,3.5366,3.5891,3.5979,3.7467,3.9568,3.8862,3.4425,3.7442,4.0281,3.7708,3.6106,3.9527,4.1418,3.8762,4.1668,4.3544,4.6313,4.5626,4.66,4.31,4.32,4.64,5.01],"consensus":[-39.0934,-18.1497,-32.0775,-25.6629,-56.4843,-21.6787,-37.1587,-47.2266,-57.4979,-50.2038,-77.6472,-11.81,-71.6488,-22.2332,-15.1902,-22.806,-36.201,-58.7096,0.0,10.7382,-28.6458,33.7823,33.8867,22.734,40.7727,61.0771,45.3965,42.7984,-36.0419,-23.7641,0.0,19.364,-65.1751,-48.012,0.0,12.3829,-68.8021,-17.144,-56.7188,-16.796,0.0,0.0,-20.3177,-25.5874,-50.7646,12.803,64.9567,19.4345,48.2648,-26.1661,-51.8652,-44.8838,-23.8374,-36.1093,-24.5389,-28.2397,-31.1856,-72.262,-23.7755,-65.0338,-32.403,-9.2141,42.3588,41.8828,0.0,32.7557,35.8333,21.9488,0.0,0.0,-16.7817,41.6365,36.0029,40.5793,29.0563,37.2284,0.0,25.1288,-19.9944,-64.6148,-79.7557,-57.9379,-46.2858,-51.6798,0.0,0.0,-32.9014,-73.3725,0.0,21.8169,-42.8268,-32.3455,29.4254,31.5805,-26.4223,27.7235,45.4643,53.8303,25.6304,40.6611,-23.8837,0.0,46.3864,63.3924],"supportDates":["2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"control":[-18.3416,-35.422,-29.6112,-33.4834,-30.7409,-73.3351,-16.8077,-68.6086,-29.8477,-7.1254,35.4175,40.292,0.0,28.8567,35.4455,20.3656,0.0,0.0,-16.7089,44.1409,37.1459,37.2995,23.1256,39.3669,0.0,26.2199,-21.1415,-62.9131,-73.7561,-54.3183,-44.8008,-52.1902,0.0,0.0,-46.0257,-80.3543,0.0,21.9295,-47.6038,-44.1922,29.7598,32.5425,-33.9691,16.3035,45.7511,55.7342,16.9414,34.9188,-32.691,0.0,46.8759,62.2468],"force":[-4.7024,-26.1686,-7.8829,-17.5527,-24.787,-91.1197,-8.0836,-65.5371,-2.0905,-23.3323,84.0797,47.7328,0.0,29.8736,28.8402,7.1158,0.0,0.0,-26.7861,55.5164,29.1774,35.907,12.6704,25.8135,0.0,23.783,-44.0824,-89.3201,-99.5221,-38.8866,-7.8925,-18.8786,0.0,0.0,-21.0215,-87.9213,0.0,64.5561,-49.3812,-27.676,61.5557,46.0782,-47.7652,35.51,45.9171,46.2948,2.3031,27.019,-56.3223,0.0,59.3806,73.1977],"direction":[-43.7861,-43.9954,-30.6391,-29.8803,-36.2642,-57.5658,-54.4951,-60.5887,-56.975,-34.8485,20.4912,39.5224,0.0,39.2704,41.2716,34.3533,0.0,0.0,-9.7189,28.8601,39.5721,47.665,47.5385,42.938,0.0,24.8431,-1.4776,-48.9128,-72.4936,-75.6828,-75.4068,-74.5259,0.0,0.0,-26.3878,-55.0014,0.0,8.8398,-32.6855,-22.1417,6.0931,20.1255,-2.5525,35.2131,44.8132,57.0369,55.5132,56.968,-9.3523,0.0,36.5453,57.6977],"intensity":[26.9231,19.2308,11.5385,23.0769,34.6154,76.9231,65.3846,63.4615,19.2308,28.8462,86.5385,75.0,30.7692,32.6923,48.0769,9.6154,11.5385,55.7692,21.1538,63.4615,55.7692,28.8462,7.6923,7.6923,46.1538,9.6154,46.1538,75.0,100.0,98.0769,26.9231,13.4615,53.8462,73.0769,55.7692,82.6923,75.0,76.9231,71.1538,63.4615,75.0,71.1538,67.3077,69.2308,48.0769,76.9231,17.3077,32.6923,78.8462,57.6923,76.9231,94.2308],"confirmation":[52.4619,79.2625,52.6009,76.6311,77.7912,91.6822,31.1345,88.7717,54.8174,6.966,82.9321,81.605,5.4491,78.4534,79.2594,51.929,28.8128,3.4847,73.6762,81.7085,79.2955,80.893,76.889,79.5326,5.0262,75.9836,52.4482,89.4556,94.2157,86.0147,58.9974,83.5301,9.0918,7.946,77.9664,91.8162,34.383,32.8347,81.8315,78.0277,55.7236,78.5329,54.3239,77.2828,82.558,84.967,53.3075,80.6833,33.159,24.0179,83.2322,96.6018],"persistence":[0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,37.5,12.5,12.5,37.5,50.0,62.5,37.5,37.5,50.0,50.0,50.0,50.0,50.0,62.5,62.5,37.5,12.5,12.5,37.5,62.5,62.5,75.0,75.0,75.0,62.5,37.5,37.5,37.5,25.0,12.5,12.5,12.5,25.0,25.0,50.0,75.0,50.0,37.5,62.5,62.5],"assessmentRisk":[37.9934,30.1123,8.6935,0.4999,12.33,11.4402,35.035,17.3999,33.4765,6.9681,24.233,29.0091,46.2823,33.3918,25.8179,15.1752,25.3574,3.328,34.4961,9.5703,22.827,28.1787,34.9533,28.7966,15.4216,2.3633,30.9879,17.6554,10.1146,21.027,26.8472,24.0913,17.8385,37.36,46.7233,19.3295,4.2441,3.1937,9.0634,33.7631,6.1757,7.2905,33.862,34.9797,23.2691,20.8683,36.7041,27.6099,2.8711,42.2464,7.3427,13.6041],"volumeParticipation":true,"latest":{"consensus":63.4,"control":62.2,"force":73.2,"direction":57.7,"confirmation":96.6,"persistence":62.5,"assessmentRisk":13.6,"intensity":94.2,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+63.4","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+62.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+73.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+57.7","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"97/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"59.7","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"7.3%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"19.3","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"69%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend references are aligned 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